High street banks are currently providing incentives of up to £400 for individuals who decide to switch their accounts to them. To be eligible for the cash bonus, certain criteria must be met, such as meeting specific income requirements or being a new customer. Some banks may require a minimum monthly spending amount or that you switch from a non-affiliated account.
Switching your bank account can be done conveniently through the free online Current Account Switch Service or by visiting a nearby branch. However, if you plan on applying for a significant credit, like a mortgage, in the near future, it might be wise to refrain from multiple account switches within a short period as each switch application can impact your credit report.
Santander is offering a £200 incentive to new customers who switch to their Everyday Current Account, Santander Edge, Santander Edge Up, or Santander Edge Explorer Current Account. Each account type comes with different features and fees, ranging from fee-free basic accounts to packaged accounts with additional benefits like cashback on bills and insurance coverage.
To qualify for the Santander £200 bonus, new customers need to have two active household Direct Debits and deposit at least £1,500 within 60 days. Additionally, they must not have previously received a switch bonus from Santander and must be switching from a non-Santander, Cahoot, or Cater Allen account.
First Direct offers a £175 switch incentive for those switching to their 1st Account, which includes a regular saver and an overdraft facility. To be eligible for the bonus, individuals must transfer two Direct Debits, deposit at least £1,000, and make five debit card payments within 45 days. Former First Direct customers or those who opened an HSBC account since January 2018 are not eligible for this offer.
Nationwide is providing new customers with a £175 bonus for switching to their FlexAccount, FlexDirect, or FlexPlus accounts, each offering different benefits such as interest on balances, cashback, and insurance coverage. To receive the switch bonus, individuals must transfer two Direct Debits, deposit at least £1,000, and make a debit card payment within a specified timeframe.
NatWest offers a £150 incentive for switching to their Select or Reward account, each with unique features and benefits. To qualify for the bonus, customers need to meet specific criteria such as depositing a minimum amount and using the mobile banking app within a given period. Previous NatWest account holders or those who have received switch bonuses from related banks are ineligible.
Co-op Bank provides £175 for switching to their Current Account or Everyday Extra account, with additional rewards for maintaining account activity. To receive the cash bonus, customers must meet various requirements, including depositing a specified amount, setting up Direct Debits, and conducting transactions using the debit card within a certain timeframe.
Barclays offers a £400 switch bonus for moving to their Premier Current Account, exclusive to high-earning individuals. To qualify, customers need to deposit a minimum amount and switch over two Direct Debits within a set timeframe. Previous Barclays account holders or those who have received switch bonuses from the bank are not eligible.
HSBC Premier account offers up to £250 switch cash for high-income earners, along with additional benefits like travel insurance and health perks. Individuals cannot have received switch cash from HSBC since a specific date to qualify for this incentive. Moreover, a separate £500 bonus is available for those investing or saving a substantial amount with HSBC.